Overview
| Objective | Seeks capital appreciation and, secondarily, current income. |
|---|---|
| Strategy | Invests in a diversified portfolio of equity securities of companies that represent excellent value relative to their current price. The Fund seeks a higher return than the market index over time as the stocks it purchases rise in price to more normal valuations. |
| The Management Team | The Fund is managed by the Equity Strategy Team, a group of senior-level investment professionals who average 38 years of experience. |
| Risk/Return |  In general, greater returns are associated with greater risks. |
Fund Statistics
| Inception Date | 03/03/97 |
|---|---|
| Ticker Symbol | CFVLX |
| Cusip | 200626828 |
| Minimum Initial Investment | $1,000 |
Commentary
Value stocks demonstrated relative resilience amid the turbulent market conditions of Q1 2025. As tariff discussions came more into focus, investors increasingly paid attention to companies that source a lot of supplies and/or products from other countries. The overarching concerns regarding inflation and the potential for an economic slowdown due to escalating trade tensions continue to negatively influence the equity markets. The Commerce Value Fund’s return of 1.30% trailed the Russell 1000 Value Index return of 2.14%.
Stock selection detracted from the Fund’s performance. The Fund’s strongest contributors were Amgen Inc (1.89%), Chevron Corporation (1.95%), and Duke Energy Corporation (2.46%), returning 20.51%, 16.77%. and 14.27%, respectively. The Fund’s top detractors were Broadcom Inc, (1.67%), Blackstone Inc. (1.81%), and Oracle Corporation (1.54%), returning 27.56%, -18.24%, and -15.88%, respectively.
The Fund’s sector allocation hindered performance for the quarter. The Fund’s 1.14% underweight in the Industrials sector, which returned -2.88%, added to performance as it was a weaker sector. The Index had a 14.55% weight in the Industrials sector. However, the Fund’s 1.19% overweight position in the Information Technology sector hurt performance as it was a weaker sector, losing -5.65% for the quarter. The Index had an 9.19% weight in the Information Technology sector.
| Total Fund Assets as of 3/31/2025 | $255,134,785 |
|---|---|
| Net Asset Value1 | $32.31 |
| Asset Allocation | |
| Equities | 99.6% |
| Cash | 0.4% |
| Weighted Average Market Capitalization | 184.5 billion |
Top 10 Equity Holdings2 as of 3/31/2025
| iShares Russell 1000 Value | 3.3% |
|---|---|
| JP Morgan Chase & Company | 2.9% |
| Duke Energy Corporation | 2.5% |
| Procter & Gamble Company | 2.4% |
| Bank of America Corporation | 2.4% |
| Mondelez International Inc. | 2.0% |
| Home Depot Inc. | 2.0% |
| Abbot Labs | 2.0% |
| Prologis Inc. | 2.0% |
| Chubb Limited | 2.0% |
Holdings and allocations shown are unaudited, and may not be representative of current or future investments. Holdings and allocations may not include the Fund's entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.